Asian markets ended on a positive note Wednesday as resource-sector shares and financials were lifted by a higher finish on Wall Street and an overnight jump in commodity prices.
Japan’s Nikkei 225 Index fought its way up 2.12 points to 10,512.80.
Hong Kong’s Hang Seng Index scaled higher 365.27 points, or 1.5%, to 24,125.60
Despite the advance across the region, sentiment remained cautious ahead of European sovereign bond auctions this week.
Portugal auctioned 1.25 billion euros ($1.62 billion U.S.) in 2014 and 2020 government bonds on Wednesday, passing a key test for credit markets.
Spain is auctioning 2016 bonds Thursday and Italy is due to auction 2026 government bonds on the same day.
Resource-sector shares broadly advanced on higher commodity prices, with BHP Billiton and Rio Tinto rising 1.3% each in Sydney.
Woodside Petroleum gained 0.9%, Cnooc climbed 1.6% and PetroChina Co. rose 1.9% in Hong Kong.
Gains in Australian shares were capped by concerns over the impact of massive flooding in the state of Queensland.
In the financial sector, Insurance Australia Group dropped 2.6% and Bank of Queensland lost 3.8%. Transport company Asciano fell 1.3% on its flood impact statement.
In Seoul, heavyweight technology stocks and construction plays led modest gains in a session marked by caution ahead of the Bank of Korea’s policy meeting and interest-rate decision Thursday.
Hynix Semiconductor jumped 3.7% and Samsung Electronics gained 1.9%, leading the technology sector higher on expectations that certain memory-chip prices would bottom soon. Construction-related stocks were higher on optimism that the domestic housing market would recover this year, with Hyundai Engineering & Construction rising 4.5% and Daewoo Engineering & Construction climbing 1.1%.
Shares in the Ruentex group of companies were higher after AIG picked the consortium to buy its Taiwan life-insurance unit. Supermarket operator Ruentex Development rose 2.7%, cement-and-chemical-fiber maker Ruentex Industries added 4.8% and footwear maker Pou Chen climbed 3.2%.
In foreign-exchange markets, the euro rose against the U.S. dollar as investors looked to this week’s euro-zone debt auctions.
The euro was at $1.3031 U.S., compared with $1.2975 U.S. in late New York trade and at 108.14 yen, compared with ¥108. The dollar was at ¥82.99, compared with ¥83.24.
CHINA
Chinese shares also got a lift from coal miners amid rising overseas oil prices on supply concerns and a weakened U.S. dollar.
Shanghai’s CSI 300 Index gained 17.41 points, or 0.6%, to 3,142.34
Yanzhou Coal Mining rose 2.6% and China Coal gained 0.9% in Shanghai; in Hong Kong, they added 1.8% and 2.1%, respectively. Aluminum Corp. of China gaining 1.9% in Hong Kong and 0.4% in Shanghai.
In other markets
Korea’s Kospi Index tacked on 6.63 points, or 0.3%, to 2,094.95
Taiwan’s Taiex Index surged 33.64 points, or 0.4%, to 8,965
Singapore’s Straits Times Index added 3.45 points, or 0.1%, to 3,244.94
New Zealand’s NZX 50 inched up 4.82 points, or 0.1%, to 3,334.58
Australia’s S&P/ASX 200 Index was positive 13.50 points, or 0.3%, to 4,724.20.
